Fred Alger Management LLC Sells 53,591 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Fred Alger Management LLC reduced its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 24.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 162,328 shares of the transportation company's stock after selling 53,591 shares during the quarter. Fred Alger Management LLC owned about 0.08% of Old Dominion Freight Line worth $28,635,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of ODFL. Whipplewood Advisors LLC bought a new position in Old Dominion Freight Line during the fourth quarter worth about $35,000. Itau Unibanco Holding S.A. raised its position in shares of Old Dominion Freight Line by 518.9% in the fourth quarter. Itau Unibanco Holding S.A. now owns 229 shares of the transportation company's stock valued at $40,000 after buying an additional 192 shares in the last quarter. Synergy Asset Management LLC bought a new stake in shares of Old Dominion Freight Line in the fourth quarter valued at approximately $41,000. Murphy & Mullick Capital Management Corp acquired a new stake in Old Dominion Freight Line during the fourth quarter worth approximately $51,000. Finally, CoreCap Advisors LLC increased its stake in Old Dominion Freight Line by 98.2% during the 4th quarter. CoreCap Advisors LLC now owns 339 shares of the transportation company's stock worth $60,000 after acquiring an additional 168 shares during the period. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Old Dominion Freight Line Trading Down 1.1 %

Shares of ODFL traded down $1.84 during trading hours on Friday, hitting $158.28. The company had a trading volume of 1,058,011 shares, compared to its average volume of 1,678,738. The firm has a market cap of $33.45 billion, a P/E ratio of 28.88, a P/E/G ratio of 2.89 and a beta of 1.31. Old Dominion Freight Line, Inc. has a 52-week low of $144.90 and a 52-week high of $233.26. The stock's 50 day moving average price is $159.88 and its 200 day moving average price is $184.52. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.01.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The transportation company reported $1.19 earnings per share for the quarter, topping analysts' consensus estimates of $1.14 by $0.05. Old Dominion Freight Line had a net margin of 20.40% and a return on equity of 28.02%. The company had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same period in the prior year, the business posted $1.34 earnings per share. Old Dominion Freight Line's revenue for the quarter was down 5.8% on a year-over-year basis. On average, research analysts predict that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Wall Street Analysts Forecast Growth

ODFL has been the topic of several recent analyst reports. Susquehanna decreased their price target on Old Dominion Freight Line from $171.00 to $168.00 and set a "neutral" rating on the stock in a research note on Thursday, April 24th. Deutsche Bank Aktiengesellschaft assumed coverage on Old Dominion Freight Line in a research note on Friday, March 7th. They set a "buy" rating and a $236.00 target price for the company. Bank of America reduced their price target on shares of Old Dominion Freight Line from $237.00 to $204.00 and set a "neutral" rating on the stock in a research note on Thursday, January 16th. Truist Financial lowered their price objective on shares of Old Dominion Freight Line from $220.00 to $175.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. Finally, Wells Fargo & Company set a $150.00 target price on shares of Old Dominion Freight Line and gave the company an "underweight" rating in a research report on Thursday, April 24th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Old Dominion Freight Line presently has a consensus rating of "Hold" and an average price target of $183.37.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.